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1. A stockist of a particular commodity makes a profit of 30 on each sale made within the same week of purchase. The data on
1. A stockist of a particular commodity makes a profit of 30 on each sale made within the same week of purchase. The data on past sales is given below: No. of items sole: 5 6 7 8 9 10 11 Frequency: 0 9 12 24 9 0 a) Find out the optimum number of items the stockist should buy every week to maximise profit. b) Find out the expected opportunity loss. c) Calculate the expected value of perfect information.
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